FHA Alternative

Freddie Mac Home Possible® and Home Possible Advantage Freddie Mac Home Possible and Home Possible Advantage offer first-time home buyers and low-to moderate-income borrowers low down payments and flexible source of funds.

  • Purchase or rate/term refinance
  • 1-4 unit primary residence
  • As little as 3% down payment for fixed rate, 1-unit purchase or rate/term refinance
  • As little as 5% down payment for ARMs or 2-4 unit purchase or rate/term refinance
  • Borrower’s own funds are not required for the down payment on 1-unit residence
  • Borrowers are not required to be first-time homebuyers
  • Homeownership education course required for first time homebuyers
  • Income and property restrictions apply per Freddie Mac guidelines (income limits do not apply in underserved areas – LP® will determine applicability)
  • Lower mortgage insurance cost due to lower MI coverage requirements compared to standard Freddie Mac Programs
  • Lender Paid Mortgage Insurance options offered

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